Kodak Loses Another Board Member, Takes on Water as Ship Sinks
January 2, 2012 10:25 AM
comment(s) - last by
Sell patents, bit a massive loan, or close up shop?
Poor Kodak has taken a beating since the advent of digital photography. Few consumers buy film anymore and Kodak’s line of digital cameras aren’t even close to setting sales records. Kodak is facing a bleak future and has previously stated that it might be forced to close up shop as early as this year if things don't change.
Kodak is also facing growing personnel losses within the company. The firm has announced the loss of a third member from its board of directors in the last week. The latest loss is Laura Tyson who resigned her position on the board of Kodak Thursday. The resignation was confirmed in a SEC filing that Kodak made on Friday.
Tyson is a professor at the Walter A. Haas School of Business at the University of California, Berkeley. Tyson is also a member of President Obama's Economic Recovery Advisory Board and advised President Clinton when he was in office.
Kodak is in such dire financial straits that the firm is looking at possibly selling off patents it holds to stay solvent. It has been estimated that the patents Kodak holds are
worth five times
the company's current market cap.
The other two directors that left Kodak last week include Adam Clammer and Herald Chen. The two directors were both from a private equity firm called KKR & Co and had been on the board since 2009.
reports that Kodak had also warned that it might have to raise $500 million in new debt in lieu of selling patents to stay solvent. Kodak hasn't turned an annual profit since 1997.
This article is over a month old, voting and posting comments is disabled
Don't totally blame the board!
1/11/2012 3:04:52 PM
No surprise the board is now jumping ship. What happened is Perez and Faraci bunkered themselves in by hand picking the board of directors, and strategically made Perez the Chairman of the Board, a sinister strategy in my opinion. C’mon, really? Who let’s this happen? Do you think a CEO who is Chairman of the Board will put anyone on the board that might threaten him or even debate him? So now, one by one the members of the board are realizing they were played like pawns. So once they were concrete bunkered, Perez and Faraci were free and clear make business decisions that are/were clearly compensation driven for themselves and NOT for the long term viability of Kodak traditions and Kodak long term health and Kodak employees. DISGRACEFUL! Their agenda clearly seems to have been to eliminate every traditional Kodak business line by ignoring every “Kodak picture” like product or division, then selling it off. Their focus has been on inkjet commercial printing, sorry that just doesn’t fit the Kodak logo, and that’s the philosophy that has death spiraled Kodak, plain and simple. Focusing on an arena that has and will do nothing but decline, it’s obvious they have blinders on and will never embrace where Kodak should/could have been headed.
Even if the board of directors (those that are left) came out of their comas or grew some cohonas and did what they should have done 6 or 7 years ago (do they know the function that the board of directors is supposed to do?), it’s obviously too late, the damage is irreversible.
And now the “board of directors elected Laura Quatela” as a new Kodak President. Translation, Perez and Faraci appointing a puppet in a dire attempt to make Wall Street think something has changed and extend their lucrative salaries for who knows how much longer.
"The whole principle [of censorship] is wrong. It's like demanding that grown men live on skim milk because the baby can't have steak." -- Robert Heinlein
Kodak's Patents Maybe be Worth Five Times the Company's Market Cap.
August 17, 2011, 3:54 PM
LinkNYC Terminals to Blanket New York City With Free WiFi, Free Calls, and Ads
November 17, 2014, 6:50 PM
Microsoft is Open-Sourcing Most of .NET, Adding OS X and Linux Support
November 12, 2014, 8:27 PM
Home Depot Lost 53 Million Emails, Blames Windows, Buys Execs New Macs
November 9, 2014, 5:00 PM
Former NSA Lawyer: If Google, Apple Encrypt User Data, They’ll Wither on the Vine Like Blackberry
November 6, 2014, 12:15 PM
Report: AT&T Eyeing $40B DirecTV Purchase
May 1, 2014, 8:00 AM
WebOS Class Action Settlement Costs HP $57 Million
April 1, 2014, 10:22 AM
Most Popular Articles
Uber Exec Threatens to "Spend Millions" to Stalk Female Reporter and Her Family
November 19, 2014, 12:31 PM
Apple Replaces “FREE” Label with “GET” on App Downloads in iTunes App Store
November 19, 2014, 5:38 PM
Rand Paul Casts Crucial "No" Vote on Obama-Backed PATRIOT Act Renewal Bill
November 19, 2014, 5:15 PM
FTC Announces Crackdown on Computer Speedup/Tech Support Scams
November 20, 2014, 1:40 PM
Wal-Mart: Miss Thanksgiving, Get Xbox One + Master Chief Collection for $299
November 17, 2014, 9:40 PM
Latest Blog Posts
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information